OTHER CURRENT ASSETS

12 Months Ended

Jun. 30, 2012

Prepaid Expense and Other Assets, Current [Abstract]

Other Current Assets [Text Block]

NOTE 5 – OTHER CURRENT ASSETS

Other current assets consisted of the following:

	June 30,		June 30,
	2012		2011
Advancement	$	299,526	$	530,459
Prepaid insurance		-		6,667
Total	$	299,526	$	537,126

Advancement represents advances made to non-related parties and employees. The amounts were unsecured, interest free, and due on demand. Prepaid insurance is related to the underwriting of the Company’s directors and officers insurance policy.